PPI claims have been in the press a lot in recent years – for all the wrong reasons! Thousands of disgruntled consumers have been making PPI claims, requesting (and in many cases successfully obtaining) refunds on their PPI.
PPI or Payment Protection Insurance has been widely sold alongside loans, store cards, credit card and mortgages. As its name suggests, PPI is an insurance policy that is designed to protect a borrower in the event that, for reasons beyond their control, they find themselves unable to meet the repayments. Examples include instances of sickness, where the borrower cannot work and thus has a lower income or even redundancy.
The concept is a good one, particularly in a climate where we’re experiencing high unemployment and lower job security. However, the way in which PPI has been sold (or rather mis-sold) has led to thousands making PPI claims.